What is correlation analysis?


Correlation analysis deals with the association between two or more variables. If two or more quantities vary in sympathy so that movements in one tend to be accompanied by corresponding movements in the other then they are said to be correlated.

Thus correlation is a statistical device which helps us in analyzing the co variation of two or more variables. The problems of analyzing the relation between different series should be broken into three steps;

  1. Determining whether a relation exists and if it does measuring it.
  2. Testing whether it is significant.
  3. Establishing the cause and effect relation.

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